Suspensions of elongated micelles under shear display complex nonlinear behavior including shear banding, spatiotemporal oscillatory patterns, and chaotic response. Based on a suitable rheological model [S. M. Fielding and P. D. Olmsted, Phys. Rev. Lett. 92, 084502 (2004)], we here explore possibilities to manipulate the dynamical behavior via closed-loop (feedback) control involving a time delay $\ensuremath{\tau}$. The model considered relates the viscoelastic stress of the system to a structural variable, that is, the length of the micelles, yielding two time- and space-dependent dynamical variables ${\ensuremath{\xi}}_{1},{\ensuremath{\xi}}_{2}$. As a starting point we perform a systematic linear stability analysis of the uncontrolled system for (i) an externally imposed average shear rate and (ii) an imposed total stress, and compare the results to those from extensive numerical simulations. We then apply the so-called Pyragas feedback scheme where the equations of motion are supplemented by a control term of the form $K\left[a(t)\ensuremath{-}a(t\ensuremath{-}\ensuremath{\tau})\right]$ with $a$ being a measurable quantity depending on the rheological protocol. For the choice of an imposed shear rate, the Pyragas scheme for the total stress reduces to a nondiagonal scheme concentrating on the viscoelastic stress. Focusing on parameters close to a Hopf bifurcation, where the uncontrolled system displays oscillatory states as well as hysteresis in the shear rate controlled protocol, we demonstrate that (local) Pyragas control leads to a full stabilization to the steady-state solution of the total stress, while a global control scheme does not work. In contrast, for the case of imposed total stress, global Pyragas control fully stabilizes the system. In both cases, the control does not change the space of solutions, rather it selects the steady-state solutions out of the existing solutions. This underlines the noninvasive character of the Pyragas scheme.